With hiring picking up its pace in Q3, the economy is coming back on track after a lull due to the pandemic induced lockdowns and its major effects on the Indian market. According to the recent survey conducted by Xpheno, 95% full time jobs have been accounted for in the month of October only, with a sharp rise of 56% over September listings. Things have started looking up as such numbers can be seen as the signs of revival of the economy.
Experts believe the recent hiring trends indicates that the economic contractions due to back to back lockdowns since march and the Covid-19 outbreak led the corporates to adopt the concept of gig economy which is now becoming a new normal as it is offering huge potential for both blue-collar as well as white-collar workers. Though the concept like the gig economy is not really a new phenomenon, as freelancers and independent contractors have been around for many years. But the rising number of highly skilled, displaced workers are turning to ‘gigs’ or contractual employment as they wait for economic improvement. This concept of gig economy can be considered as the way out for the job crisis that has happened due to the pandemic especially when it comes to the rural parts of India that is Bharat.